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Marissa Mayer may earn more than $20 million a year based on salary and equity awards, according to a company spokesperson.

After its surprising appointment of Marissa Mayer as its new CEO on Monday, Yahoo! disclosed the real answer to what everyone was wondering: How much will the former Googler get paid?

Mayer will receive a $1 million base salary, which will be sweetened by a series of performance-based equity awards that may total more than $20 million a year over five years for a possible total of $100 million, a company spokesperson told FORBES.

Mayer's compensation package falls in line with a Silicon Valley ethos in which top executives often shirk lavish salaries, but are well compensated in stock awards. Her $1 million base salary isn't exactly Steve Jobs' famous $1 per year statement, but is still modest and comes with a potential $2 million bonus every year. The salary and the bonus will both be prorated for 2012, says Dana Lengkeek, Yahoo!'s senior director of corporate communications.

Mayer's salary, however, is only a small fraction of the potential amount she could make over the next five years, according to a document filed today with the Securities and Exchange Commission. In her 2012 annual equity award alone, Mayer will receive $6 million in restricted stock units (RSUs), which will be granted this month and vest over three years, and another $6 million as a stock option, which will be granted in November and vest over two-and-a-half years. The strike price of these options was not disclosed in the filing and will be determined when they are granted, says Lengkeek.

The number of RSUs granted will be based on Yahoo!'s stock price on July 26, 2012. After 2012, Mayer will be eligible to receive annual equity grants which will likely "not be less than the target value of her 2012 annual gift," read the document.

Aaron Boyd, director of research at Equilar, cautioned against citing the options as money already counted. The Redwood City, Calif.-based company tracks CEO pay and compensation packages across large corporations.

"Options rely on stock prices going up and being up at a certain values," he says. "[Mayer's equity award] is one of those where it’s a big number, but it depends on how well company performs and how the stock price does."

Yahoo!'s new CEO will also receive a one-time retention award and includes $15 million-worth of RSUs, which will vest over five years, and another $15 million stock option, which will vest over four-and-a-half years. Like her annual equity award, these RSUs will be received this July, while the option will be received in November.

To cap everything off, Mayer will also be compensated for the RSUs she gave up by leaving Google, where she was vice president of maps and location services. Based on a "Make-Whole Restricted Stock Units" package, the Yahoo! CEO will receive RSUs between 2012 and 2014 with a total grant-date value of $14 million.

While Mayer's salary package is similar to that of former Yahoo! CEO Scott Thompson, who also received a $1 million base salary with a potential $2 million bonus, her equity compensation is much different than Thompson's. The former CEO, who departed in May after he misstated qualifications on his resume, was slated to receive a total first-year pay of $27 million, including salary and equity grants when all one-time awards were counted.

Lengkeek declined to compare the two Yahoo! chiefs or their compensation packages.

Boyd says that when all one-time awards are accounted for, Mayer may receive $59 million-worth of pay and stock award compensation in 2012 alone. This surpasses the first year packages of former Yahoo! CEO Carol Bartz, who was expected to receive an estimated $47 million in compensation and one-time awards, and current HP CEO, Meg Whitman, who took a $1 salary and had a total package that may be worth $16.5 million depending on her company's performance.

Bartz never realized that full $47 million amount, says Boyd, as "she didn't stay for the entire term and Yahoo! didn't do too well."

A 2012 report from Equilar stated that the median total compensation for S&P 500 CEOs was approximately $9.6 million, up from $9 million the year before. According to Boyd, Apple's Tim Cook took home the most last year, reaping in about $378 million from a one-time stock grant for signing on as the Cupertino, Calif.-based company's CEO.

On Monday, Yahoo! announced that it would be hiring Mayer as its eighth ever CEO. On that same day, the 37-year-old former Google employee also revealed that she was pregnant.